Resources for Massachusetts Small Businesses, Nonprofits & the Self-Employed During COVID-19

Over the past month, Congress passed, and the President signed into law, three major emergency relief packages designed to help those affected by the coronavirus. There are major provisions for small businesses in the bills — here’s what you need to know about these programs.

PAYCHECK PROTECTION PROGRAM

A new loan program for small businesses to help them retain employees during the COVID-19 pandemic.

Photo by Mike Petrucci on Unsplash
Photo by Mike Petrucci on Unsplash

Who is eligible?

What if I am a sole proprietor or independent contractor?

What can I use this loan for?

What is included under payroll costs?

What if I already laid off my workers?

Can part-time workers and independent contractors be included in my payroll calculation?

How do I find lenders participating in the Paycheck Protection Program?

What do I need to apply?

What is the application deadline?

What if my loan is only partly forgiven?

ECONOMIC INJURY DISASTER LOANS & EMERGENCY ECONOMIC INJURY GRANTS

An existing emergency loan program that has been updated and expanded by the CARES Act that Congress passed.

Photo by Clay Banks on Unsplash

Who is eligible?

What if I am a sole proprietor or independent contractor?

Does this program offer loan forgiveness?

When do I get the money?

How much can I borrow?

What can the money be used for?

What do I need to apply?

What is the application deadline?

SBA EXPRESS BRIDGE LOANS

The Express Bridge Loan Pilot Program is an existing program that allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

SMALL BUSINESS DEBT RELIEF PROGRAM

This program will provide immediate relief to small businesses with non-disaster Small Business Administration loans, in particular 7(a), 504, and microloans.

Photo by Kelly Sikkema on Unsplash
  • The Small Business Administration will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The Small Business Administration will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Which Small Business Administration loans are eligible for debt relief under this program?

How does debt relief under this program work with a Paycheck Protection Program loan?

How do I know if I’m eligible for a 7(a), 504, or microloan?

What is a 7(a) loan and how do I apply?

What is a 504 loan and how do I apply?

What is a microloan and how do I apply?

Employee Retention Credit

The employee retention credit is a refundable tax credit for employers of all sizes who hang on to their workers throughout the pandemic.

Governor Baker has created a resources page with Massachusetts-specific guidance information for employers. Important updates include:

The United States Department of Labor has created a resources page to help employers understand their obligations under the legislation Congress has passed.

My team and I are here to help.

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Rep. Jim McGovern

Rep. Jim McGovern

Dad. Husband. #Worcester born & raised. Chairman of @RulesDemocrats & @CECCgov. Co-Chair of @TLhumanrights. Fighting to #EndHungerNow #OverturnCitizensUnited